Nvidia's first day without Huang: down 13% at the open, closing 4.3% lower as AMD rallies
Nvidia opened 13.08% lower at $151.01 in its first session after Jensen Huang's resignation, touched an intraday low near $148.80, then recovered to close at $166.19, down 4.34%, as AMD rose 5.86% to $585.30 and Broadcom 5.54% to $364.36 — while Senate and House chairs summoned Huang to appear in December.
📊 Scorecard: our Bearish call on $NVDA is scored from $166.19, the last close before it ran. Its first result comes after the next close.
The News
Nvidia's first regular trading session after Jensen Huang's resignation was a wild one. The stock opened at $151.01, down 13.08% from Wednesday's $173.73 close, touched an intraday low near $148.80 — about 14.3% below Wednesday's close — then recovered roughly two-thirds of the gap to close at $166.19, down 4.34%, on volume of about 743 million shares. Market value finished just above $4 trillion, at about $4.01 trillion, down from roughly $4.5 trillion at the previous Friday's close — a weekly loss of about $493 billion.
The money rotated straight into rivals. AMD rose 5.86% to $585.30 and Broadcom gained 5.54% to $364.36, while the PHLX Semiconductor Index slipped only 0.54% to 10,506.67. Alphabet rose about 1.8% as its TPU platform was cast as an alternative to Nvidia hardware, Amazon rose 0.48% and Microsoft 0.36%, while Meta fell 0.82%. The rest of the chip complex fell with Nvidia: TSMC dropped 1.90% to $405.49, Micron 1.59% to $798.44, SanDisk 4.11% to $937.46 — a pre-split price — and Intel 2.08% to $61.20. The S&P 500 fell 0.35% and the Nasdaq 0.39%, and the 10-year Treasury yield broke past 5.00% to 5.103%.
The congressional fallout escalated the same day. Senate Banking Committee Chairman Tim Scott wrote to Huang and Commerce Secretary Howard Lutnick on November 12, asking Huang to testify on December 3 and Lutnick on December 10, and warning Huang of a subpoena if he does not appear voluntarily. Three House committee chairs separately required closed-door transcribed interviews — Huang on December 1 and Nvidia general counsel Tim Teter on December 2 — and asked Commerce Under Secretary Jeffrey Kessler to testify at a December 3 hearing. House Foreign Affairs Chairman Brian Mast said Huang had agreed to brief lawmakers before Thanksgiving, with the date still being negotiated. Attorney General Todd Blanche said the Justice Department is investigating whether Alice Huang is a spy and has not reached a conclusion; China denies it.
Nvidia lost nearly $500 billion of value in a week, then clawed most of the day's fall back — the market is still deciding what the company is worth without Huang.
Why It Matters
A chief executive resigning is one of the sharpest shocks a stock can take, because the market has to re-price the whole company without the person who built it. Nvidia's opening fall of 13.08% was that shock in raw form: investors who owned the stock for Huang's leadership rushed to sell before they knew who would run the company or what Congress would demand. The partial recovery to a 4.34% loss says buyers stepped in once the panic eased — but a stock that closes down more than 4% on about 743 million shares traded has still had a very bad day.
The rotation into AMD and Broadcom is the other half of the story. When the dominant company in a market stumbles, investors do not always leave the sector — they move to the next names in line. AMD up 5.86% and Broadcom up 5.54% on a day their biggest rival fell is the market betting that rivals pick up orders, talent and attention while Nvidia is distracted. That is also why the PHLX Semiconductor Index, which tracks a basket of chip stocks, fell only 0.54%: the index was held up by the winners even as its biggest member sank.
Congress is now part of the investment case, not just background noise. A subpoena is a legal order to appear and testify — it is what lawmakers use when a voluntary invitation is not enough — and the December 1, 2, 3 and 10 dates mean Nvidia's leadership drama will play out in public hearings for weeks. For investors, that means headlines they cannot control, questions about the company's dealings that may not have clean answers, and a management team spending time in Washington instead of running the business.
The leadership picture, for now, is interim. CFO Colette Kress is interim CEO while keeping the CFO role, and Harvey C. Jones is the board's first chair. Wedbush's Dan Ives put the stock at about $225 without Huang — his view, not a company forecast. The next hard test of the business itself comes Tuesday, November 17, at about 1:20 p.m. PT, when Nvidia reports third-quarter fiscal 2027 results, its first results under Kress.
Analyst's Take
Our call is Bearish. The recovery from the lows is real, but it does not erase the damage: a 4.34% close, a weekly market-value loss of about $493 billion, and a Congress that is now summoning the company's former chief executive to testify under threat of subpoena. The rotation into AMD and Broadcom shows investors are not abandoning AI chips — they are abandoning the idea that Nvidia's leadership premium is safe. Until the December hearings pass and the November 17 results show the business itself is intact, the stock is priced on uncertainty, and uncertainty cuts both ways.
What to watch: the November 17 results at about 1:20 p.m. PT, the first numbers under interim CEO Colette Kress, and whether AMD and Broadcom hold their gains or give them back. Then the December calendar — Huang's closed-door interview on December 1, Teter on December 2, the Senate testimony on December 3 and Lutnick on December 10 — plus any word on whether the Justice Department's investigation of Alice Huang reaches a conclusion.
Are you bullish or bearish on this story?
By The Numbers
FAQ
Why did Nvidia fall so far at the open?
The stock opened 13.08% lower at $151.01 in its first session after Jensen Huang's resignation. When a chief executive resigns suddenly, investors sell first and ask questions later, and the opening price reflected that rush to sell before the company had a settled leadership story.
Why did the stock recover during the day?
After touching an intraday low near $148.80, Nvidia recovered roughly two-thirds of the gap to close at $166.19, down 4.34%. The research does not give a single reason for the recovery — buyers stepped in after the early panic, but the stock still closed sharply lower on the day.
What is Congress asking Nvidia's former chief to do?
Senate Banking Committee Chairman Tim Scott asked Huang to testify on December 3 and warned of a subpoena if he does not appear voluntarily. Three House committee chairs required closed-door transcribed interviews with Huang on December 1 and Nvidia general counsel Tim Teter on December 2.
Who is running Nvidia now?
CFO Colette Kress is interim CEO while keeping the CFO role, and Harvey C. Jones is the board's first chair. A permanent chief executive search is under way, and Wedbush's Dan Ives expects the interim period to last about a year.
When does Nvidia next report results?
Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, at about 1:20 p.m. PT — its first results under interim CEO Colette Kress.
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Source: AIFIntent